For so many it’s a dream to be a homeowner; but the majority of people don’t realise that It’s not quite as simple and straightforward as get a mortgage, grab the keys and you’re in. Buying a home is almost guaranteed to cost more than you think. Besides getting a good deal on a house there are many other things that can save you money. Let’s look at how much cash it actually takes to purchase your own home and where possible you can save your hard earned pennies.
7 ways to reduce the additional cash requirements when buying a property:
- To avoid shock of additional expenses, keep in mind budgeting for your own home repairs. From flaky paintwork to leaky sinks, put aside some cash for unexpected property maintenance.
- Purchase a Home in Winter. The time of the year can also dictate the housing market. Spring and Summer months often demand the highest prices because this is when most consumers are in the market to purchase.
- If it’s possible, move out of your rented accommodation and stay with family. It’s not completely ideal but it has its perks; you’ll not only be chain free but you’ll also save money that could be spent on trendy new furniture for the house.
- Pick a good location. When re-selling it’s the location that will be of worth, not how new and shiny the interior of the property is. Talk to the neighbours, check out the local parks and shops. Is there graffiti or vandalism around the area? They’re all telling factors that will make a difference to your investment.
- You are probably looking for a home that is going to sweep you off your feet and doesn’t need any work. The problem is, so is everyone else. A fixer upper is a great alternative. Finding that diamond in the rough can be a great way to save a bunch of money. Adding your own custom fixtures and lighting is relatively easy to do. Painting walls and adding your own personal touch can be very rewarding while saving you cash.
- Boost your credit score. Don’t apply for mortgages before checking your credit files at the main agencies are error-free.
- A good agent will save you a lot of time and money. But a bad one can cause heartbreak and stress. Save yourself the hassle by using a company like Convey online, a one-stop destination for all property and conveyancing matters. A team of experienced conveyancing specialists will manage your property transaction from start to finish. Any relevant property reports will be organised for you and they’ll take care of all negation.
- Remember to factor a removal van into your budget. These start at $100 for small local moves, but can easily run to $1,000 for shifting a family’s worldly goods to long distances. If you don’t have very much, consider hiring your own van to save money.
Buying a house is getting more and more expensive so using hacks to save money can come as a saving grace. If you’re like most people, putting a roof over your head is the biggest purchase of your life, so it’s important to get right!